This study is designed to evaluate the effectiveness of two brief psychotherapies (cognitive therapy and behavioral therapy) for the treatment of depression in the elderly. One hundred and ninety-two subjects of either sex (age 60-plus) with mild to moderate depression will be treated in a 4 (treatment) by 2 (group vs. individual) design. Treatments will include cognitive, behavioral, supportive, and an exercise control condition. Dependent measures will focus on self-report, observer, and significant other measures of depression and other symptoms. The treatment period is fixed at 12 weeks; subjects will be followed for 6 months after treatment.